G7 may try to limit Russia’s oil revenue – Reuters

Leaders from the Group of Seven (G7) advanced Western economies are holding “very constructive” talks about a potential cap on the price of Russian oil imports, Reuters reported ahead of their summit on Sunday, citing a German government official.

“We are on a good path to reach an agreement,” the official said.

US Treasury Secretary Janet Yellen proposed a limit on Russian oil prices in order to mitigate global inflation and fuel price hikes in the West, as well as possibly reducing Moscow’s oil revenue.

The US, Canada, and Britain have already banned Russian oil, while the EU has imposed an embargo on Russian exports delivered by sea.

The G7, which comprises of the US, Canada, Britain, France, Germany, Italy, and Japan, is having its annual three-day meeting in the Schloss Elmau hotel in southern Germany. The leaders plan to focus on a coordinated response to the Russia-Ukraine conflict, which includes additional sanctions on Moscow and more aid for Kiev.